Auto Credit Express connects customers to a network of dealers and lenders to find new purchase auto loans, auto loans for used cars, and refinancing loans throughout the United States and Canada. This review takes a closer look at Auto Credit Express loan details, the company’s application process, and customer reviews to help you decide if this broker is worth working with.
If you’re looking for a low-interest auto loan, the only way to find the best rate is to compare options from multiple companies. You can start getting offers from different lenders by visiting AutoCreditExpress.com.
All APR figures last updated on 6/6/2022 - please check partner site for latest details. Rate may vary based on credit score, credit history and loan term.
About Auto Credit Express
Based in Auburn Hills, Michigan, Auto Credit Express is an auto loan broker that has been in business for over 20 years. As a broker, the company does not provide loans directly but rather matches customers with dealers or lenders based on the loans for which they are eligible.
Using a broker can be one way to find the lowest rates, but it may include a finders fee. Here are some other pros and cons of choosing Auto Credit Express:
|Auto Credit Express Pros||Auto Credit Express Cons|
|Offers financing for customers with bad or no credit||Currently has a BBB alert regarding licensing issues|
|Pairs customers with loans based on credit profile||Poor customer reviews|
|Offers special rates for military members|
Auto Credit Express Loan Details
Auto Credit Express provides loans for buying or leasing vehicles, as well as vehicle loan refinancing. As mentioned, the company is a broker, meaning that it does not offer its own contracts but instead pairs customers with auto dealers and lenders.
Contract details such as interest rates will vary depending on the company that actually provides your loan. Typically, your interest rate depends on factors including:
- The type of vehicle you’re financing
- Your credit score and financial history
- Your annual income
- The payment terms you choose
Auto Credit Express Requirements
If you have poor credit or have been turned down for a loan in the past, you’re not out of luck. Auto Credit Express offers financing for customers without solid financial backgrounds through what are called subprime loans. These loans typically have high interest rates, but they may be your only option depending on your situation.
To be approved for a subprime loan, it’s recommended that drivers:
- Have worked for six months at a qualifying job
- Earn $1,500 to $2,000 in monthly pre-tax income from a single source
- Have three years of employment history
Since Auto Credit Express works with a variety of dealers and lenders, it can help customers with bad credit or no credit secure loans. The company also offers discounts and special rates for military members.
Auto Credit Express Loan Products
Auto Credit Express offers a variety of loan products. Here’s a summary:
- Purchase loans: Get financing through dealer and lender network to purchase a vehicle (new or used).
- Leasing: Connect with dealers to start an auto lease whether you have good or bad credit.
- Refinancing: Take out a new loan with better terms to pay off your existing auto loan and save money. Auto Credit Express offers traditional and cash-out refinancing (where you use a portion of the loan for personal expenses).
- Bad credit auto loans: Connect with lenders and dealers that specialize in bad credit auto loans in your area.
- Bankruptcy auto loans: Some partners specialize in providing loans to people who have filed Chapter 7 or Chapter 13 bankruptcies.
In addition to these, Auto Credit Express offers some helpful tools for people looking to buy or refinance their vehicles. These tools include:
- Car loan estimator: Input your estimated credit score, monthly income, and monthly recurring debt to see how much you could be approved for.
- Payment calculator: Input the car price, APR, down payment, and loan term to see the loan amount and monthly payment estimate.
- Other resources: Auto Credit Express works with partners to provide debt consolidation, insurance, used car warranties, and more.
Shop for the best loan rates from Auto Credit Express
How Auto Credit Express Works
To get started with an Auto Credit Express loan, potential customers can call or apply online. When filling out an application, customers will need to supply:
- Utility bill with name and address on it
- Phone bill
- Contact information for six to eight personal references
- Proof of income
The application process is relatively easy and only takes a few minutes to complete. You will find out whether you’re approved almost immediately after filing your application.
What Happens After You Apply
After you give your information to Auto Credit Express, you’ll start hearing from lenders and dealers in your area depending on the type of loan you want to get.
Auto Credit Express does not do a hard check on your credit report. However, the partners that it contacts on your behalf may perform a hard check to give you a concrete offer.
So, you should be prepared to get one or more hard credit checks on your report when applying through Auto Credit Express. The good news is that multiple credit checks get lumped together on your report when they happen within 30 days of one another. So, your score may get a hit for applying, but it will only be worth one hard inquiry.
After you get multiple offers, you can compare which ones sound best to you and then move forward with the ideal option.
Beware Of Buy Here, Pay Here Dealerships
Some new and used car dealers operate under a model called buy here, pay here (BHPH). You’ll know if you receive an offer from a BHPH dealership because the dealership that sells you the car will be the same entity that finances the loan. Ideally, you should look for dealers that work with separate lenders.
Buy here, pay here dealerships usually only cater to borrowers with poor credit. That means the pool of borrowers is statistically more likely to make late payments and default on the loans. So, the BHPH dealer will charge everyone more to offset its losses. Buy here, pay here dealers often charge the maximum allowable interest rate in their states because of this.
How Your Credit Score Affects Auto Loan Rates
While Auto Credit Express specializes in bad credit auto loans, it’s always worth seeing if you can raise your score over a few months before getting your loan. You could also see if the lender you find allows a cosigner. It’s also good to be aware of how much your score affects what you’ll pay back on the loan.
Below, you can see average annual percentage rates (APR) for auto loans according to credit score. This data comes from Experian’s State of the Automotive Finance Market report (Q2 2021).
|Credit Score||Average New Car APR||Average Used Car APR|
|781 to 850||2.34%||3.66 %|
|661 to 780||3.48%||5.49%|
|601 to 660||6.61%||10.49%|
|501 to 600||11.03%||17.11%|
|300 to 500||14.59%||20.58%|
Note that your interest rate and APR are two separate numbers. APR includes interest plus lender fees and other charges. APR will be slightly higher, so keep this in mind if you compare an interest rate from one dealer with an APR from another.
How APR Affects What You Pay Back
Now let’s look at how the APR affects what you’d pay back in total. Below, you can see how different APRs apply to the same loan for $10,000 over 60 months. It’s the same starting amount, but different APRs drastically change the cost of the loan by the end.
|Loan Value And Terms||Loan APR||Total Paid|
|$10,000 over 60 months||2.34%||$10,606|
|$10,000 over 60 months||3.48%||$10,910|
|$10,000 over 60 months||6.61%||$11,771|
|$10,000 over 60 months||11.03%||$13,054|
|$10,000 over 60 months||14.59%||$14,145|
Auto Credit Express Reviews And Reputation
Auto Credit Express is accredited by the BBB and has an A+ rating. There have been very few customer complaints posted to the BBB website in the last three years, but the company’s customer review score is only 1.2 out of 5.0 stars.
Customers on the BBB complain that they received too many marketing communications from the company after providing their email addresses. Some customers with bad credit said that they were told they were approved for a loan from a dealership only to be denied when they showed up at the dealership in person.
Auto Credit Express has a much better customer score on Trustpilot: a rating of 4.6 out of 5.0 based on over 2,300 reviews. Happy customers were excited that they were able to get auto loans despite having bad credit. One customer wrote:
“Got a great car with bad credit. [I’m] very thankful for the referral to the dealership I bought from.”
– Lori Miller via Trustpilot
This review may say more about the dealership offering the loan than Auto Credit Express, though it does demonstrate that its service of matching drivers to companies that provide loans can be successful.
Our Take On Auto Credit Express: 4.0 Stars
Drivers with poor credit who are looking for an auto loan may want to consider Auto Credit Express. Many customers report being successfully matched with an auto loan despite having a bad credit history.
Here’s our take on Auto Credit Express:
The Auto Credit Express application process is slightly more difficult than it can be with other auto loan providers, as those with poor credit are asked to submit personal references in addition to the information typically requested by lenders. However, this additional hurdle may be worth clearing in order to find better loan offers.
Because Auto Credit Express does not offer loans itself, the quality of the loans customers receive by using the service may vary greatly depending on the actual loan provider. To start getting offers from a number of different loan providers and comparing rates, visit AutoCreditExpress.com.